Australia’s banking sector is set for fresh competition after fintech company Up secured a full deposit-taking banking licence, marking a major milestone in the country’s digital banking industry.

The approval allows the popular financial app to operate as a fully licensed bank and offer a broader range of banking services.

The move is expected to strengthen competition against Australia’s Big Four banks – Commonwealth Bank, ANZ, NAB and Westpac.

Industry experts say the new licence reflects growing demand for digital-first banking, with more Australians choosing app-based financial services.

The milestone is being described as a defining moment for Australia’s fintech sector and could accelerate innovation across the banking industry.

Customers are expected to benefit from increased competition, improved digital features and more banking choices in the years ahead.